BREAKING: NNPCL Hikes Petrol Price Again

The Nigerian National Petroleum Company Limited (NNPCL) has increased the pump price of Premium Motor Spirit (PMS), popularly known as petrol, to ₦1,345 per litre at some of its filling stations in Abuja.

According to Ireporter Online, checks conducted on Monday showed that NNPCL outlets in Gwarampa and Wuse Zones 4 and 6 had adjusted their petrol price from the previous ₦1,270 to ₦1,345 per litre.

The latest adjustment represents an increase of ₦75 per litre.

A staff member at one of the affected NNPCL stations confirmed that the new price took effect on Monday, although the individual requested anonymity.

The latest development comes after several independent petroleum marketers also reviewed their pump prices upwards over the weekend.

Filling stations operated by MRS, Ranoil, Empire Energy and other independent marketers reportedly increased their prices by between ₦20 and ₦80 per litre.

The adjustments followed an increase in the ex-depot price of petrol by the Dangote Petroleum Refinery. The refinery reportedly raised its gantry price by ₦65, bringing it to ₦1,265 per litre.

The latest petrol price increase comes amid growing concerns over the volume of imported petrol entering the Nigerian market.

The Dangote refinery had earlier expressed concerns about the rising level of petrol imports and threatened to restrict the sale of its products to certain importers and marketers.

Data from the Nigerian Midstream and Downstream Petroleum Regulatory Authority showed that imported petrol accounted for 43.3 per cent of total petrol supply in July.

The latest development is expected to further increase pressure on motorists and consumers as petroleum marketers continue to adjust prices in response to changes in supply and market conditions.